20. Schedule of expected cash collections: Cash sales, Credit sales, Total Collections for April, May, June and Total

21. Merchandise purchases budget: Budgeted COGS, Add Desired End, Inv, Total Needs, Less Begin Inv. Required purchases for April, May, June and Total

22. Schedule of expected cash disbursements for merchandize purchases: For March Purchases, For April Purchases, For May Purchases, For June Purchases, Total Cash Disc for April, May, June and Total

Question 19 This is DATA for 15/150/150 ABC Inc., is a merchandising company that prepares its master budget on a quarterly basis. The data below has been assembled to assist in preparation of the master budget for the second quarter a. As of March 31 (the end of the prior quarter), the company's balance sheet. Cash 9.000 A/R 48,000 Inventory 12,600 Buildings & Equip (net) 214,100 A/P 18,300 Capital Stock 190,000 R/E 75,400 283,700 283,700 b. March actual and budgeted Aprily sales fue March (actual 50.000 April 70,000 May 85,000 June 90,000 July 50,000 Sales: 20% Cash 80% Credit All payments on credit are collected in the month following sale, The A/R at March 31 are a result of March Credit Sales Gross Margin % 40% of sales Monthly expenses are budgeta as follows: d. e Salaries & Wages per month 7,500 Shipping 6% of sales Advertising per month 6,000 4% Other expenses of sales Depreciation per quarter 6,000 F Depreciation 5000 Each month's ending inventory equals 30 of the follow months COGS of a month's inventory purchases are paid for in the month 503 of purchase and half in the following month Equipment purchases during the quarter will be as follows h. March June April 11.500 July May 3.000 i Dividends declared and paid March June 3.500 April July May j Other information: Minimum cash balance $ 8,000 ABC has an revolving credit line with local bank that allows the company to increments at the beginning of each month $ 1,000 borrow up to $ 20,000 total. The interest rate equals 1% per month. Assume no compunding. The company will repay the loan plus Equipment purchases during the quarter will be as follows March June April 11 500 July May 3.000 Dividends declared and paid March June 3.500 April July May j Other information: Minimum cash balance $ 8.000 ABC has an revolving credit line with local bank that allows the company to increments at the beginning of each month $ 1,000 borrow to $ 20,000 total. The interest rate equals per month. Assume no compunding. The company will repay the loan plus up 1% accumulated interest at the end of the quarter. Using the data above, complete the following statements and schedules for the second quarter for the month: MAY ONLY